Friday, July 2, 2010

Trendlines Holding For Now In "Leading" Stocks

As I went through my scans last night to see how the charts were looking, I noticed that many of the "leading" stocks of the past move from March of 2009 were holding longer-term trendlines after today. There were many breakdowns earlier this week for these stocks through key levels like their 50 day moving averages, but if these trendlines continue to hold, it is certainly possible for the market to bounce a bit soon. I am not saying we aren't headed lower overall, but that bounce that gives a better short entry point could be on the way. Check out the charts below.

Overall Market Timing Score

March 20, 2014 -2March 19, 2014 +1(Max Score +6, Min Score -6)

The Market Timing Score has six factors that I record on a daily basis. These include breadth indicators, moving average indicators, accumulation and distribution indicators, and overbought and oversold indicators.

The max score of the Market Timing Score is +6, but this is very rare. Typically a score of +4 or +5 tells you that the market is very bullish. A score of +3 or +2 tells you that the market is bullish, but there are a few reasons for concern. A score of +1 or 0 tells you that cash is the best place to be. The scores work the exact same way on the negative side for bearish markets.

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Chart Swing Trader is a website intended for the education of online stock traders. The website is an information service only. The information provided herein is not to be construed as recommendations to buy or sell stocks of any kind. They are simply the opinions of the author. It is possible that the editor of this blog may own, buy, or sell stocks presented. All investors should consult a qualified professional before trading any stock. The author is not an investment advisor. Any investments, trades, and/or speculations made in light of the ideas, opinions, and/or forecasts made by the author are committed at the reader's own risk, financial or otherwise.